The U.S. targeted high-profile Russians who it said included President Vladimir Putin’s personal banker with sanctions Thursday, and warned Moscow it would go after key sectors of the economy if it escalates the crisis in Ukraine.
President Obama signed a new executive order giving the U.S. the power to sanction Russian companies in the financial services, energy, metals and mining, defense and engineering industries.
“If there is escalation, these key sectors will be in play for sanctions,” a senior U.S. administration official said.
Moscow retaliated by barring nine U.S. lawmakers, including Senator John McCain and House Speaker John Boehner, from entering Russia.
The new U.S. order was prompted by concerns in Washington that Russia is trying to exert pressure on Ukraine by military, political and economic means, the official said.
“Nobody should believe this is the end of what we’re prepared to do,” said the official.
For now, the West’s response to Russia’s annexation of Crimea is focused on increasing the pain by freezing assets and restricting the travel of a growing list of individuals.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.